Dallas, Texas, Oct. 06, 2022 (GLOBE NEWSWIRE) -- Through the use of track and trace technologies, product status can be tracked throughout the supply chain. Solutions for track and trace ensure safe drug use, stop payment fraud, and stop the parallel distribution of phony medications. The expansion of the global track and trace solutions market is fueled by laws requiring serialization across nations, a high likelihood of product recalls, an increase in anti-counterfeiting activities, and advancements in track-and-trace technologies. Growing pharmaceutical and biopharmaceutical product manufacturing rates as well as opportunities for market expansion in the medical technology and device sectors are envisaged.
From production to distribution, traceability is essential in all supply chains. It guarantees the supply of a precise amount of the appropriate goods from a reputable provider. To avoid supply chain issues like product theft, counterfeiting, and recalls, it's crucial to use traceability and serialization solutions. Partnerships between the major market participants and the producers of pharmaceuticals, biopharmaceuticals, and medical devices for track and trace solutions ensure brand integrity and patient safety. The installation of mandated serialization and track & trace systems across numerous industries approaching deadlines, which is driving this market's expansion.
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Innovations in track and trace solutions are being sparked by regulators' and policymakers' increasing attention to maintaining the integrity of the supply chain. Key businesses are investing in operations scaling up and R&D to offer unique solutions in response to the increased demand for creative serialization and aggregation solutions.
This report centers about the top players in global track and trace solutions marketplace:
ACG Worldwide
Laetus GmbH
Axway
Zebra Technologies
WIPOTEC-OCS
Videojet Technologies
JEKSON VISION
Uhlmann Group
Siemens AG
Körber Medipak Systems AG
Syntegon
SEA Vision Srl
Xyntek
SAP
Antares Vision
TraceLink
Systech International
Mettler-Toledo International
OPTEL GROUP
The global market for track and trace systems is expanding significantly as a result of stringent regulations governing the use of serialization, as well as developments in the pharmaceutical and medical device sectors. The scope of the track and trace solutions market was impacted by a number of different solution types. The software has recently experienced a boom in demand as a result of the healthcare industry's rising popularity. The global track and trace solutions market, which was worth USD 4.75 billion in 2022, is projected to grow at a 10.3% CAGR from 2022 to 2030, reaching USD 14.91 billion.
As pharmaceutical, biopharmaceutical, and medical device firms increasingly use them, software solutions held the greatest sales share. Case and bundle tracking, product lines, production facilities, warehousing, and shipping are all managed continuously utilizing these software programs. Companies that create this software invest in R&D to improve product development, which is anticipated to spur growth. The market's segment offering software solutions is anticipated to be the most lucrative. This market is expanding as a result of software businesses' growing R&D spending and attention to customer service.
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Due to its highly controlled serialization and aggregation regulations and sophisticated healthcare infrastructure, North America had the greatest revenue share in 2022. The FDA advises pharmaceutical and other healthcare industries to use technologies for automatic identification, such as barcoding and RFID. Furthermore, it is anticipated that the market would be driven by the U.S.'s adoption of this technology and its highly established healthcare infrastructure.
For instance, Trace Technologies (India) secured $1 million in pre-series A funding in April 2022 to scale their operations across India and worldwide markets, improve the technological platform, and enter new value chains.
Table of content:
1. Introduction
2. Research Methodology
3. Market Outlook
4. Track and Trace Solutions Market by Technology, 2019-2029 (USD Billion)
o RFID
o 2D barcode
5. Track and Trace Solutions Market by Application, 2019-2029 (USD Billion)
o Reporting
o Serialization
o Aggregation
6. Track and Trace Solutions Market by End User, 2019-2029 (USD Billion)
o Medical devices.
o Pharmaceutical
o Food
7. Track and Trace Solutions Market by Product, 2019-2029 (USD Billion)
o Software
o Hardware
o Standalone
8. Track and Trace Solutions Market by Region 2019-2029 (USD Billion)
o North America
US
Canada
o Europe
UK
Germany
France
Rest of Europe
o Asia Pacific
China
Japan
India
Rest of Asia Pacific
o South America
Mexico
Brazil
Rest of South America
o Middle East & Africa
9. Competitive Landscape
10. Company Profiles
11. Appendix
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Adroit Market Research is a global business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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